December 11, 2023

SushiSwap and its chef Jared Gray received a subpoena from the SEC

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SushiSwap and its chef Jared Gray received a subpoena from the SEC

Decentralized exchange SushiSwap and its CEO received a subpoena fromThe U.S. Securities and Exchange Commission (SEC)Exchange.

"We are cooperating with the SEC and do not intend to publicly comment on ongoing investigations or other legal issues," Jared Gray said in a blog post.

 Gray immediately proposed the creation of a "Sushi DAO Legal Defense Fund" that would coverlegal costs related to investigations, trials and other matters involving the main actors.He also offered to allocate $3 million in USDT for investors and another $1 million in reserves.

"It has now become apparent that the means must be available to address legal issues in ensuring business continuity and to protect key stakeholders," he wrote.

In December, Gray said the project was running out of reserve capital to sustain operations and development.Gray claims that $5 million is needed to develop the project in a falling market.According to the businessman, the necessary amount will help to collect assets received fromFees represent a reward for users who freezegovernance token Sushi and receive a token called xSushi.the token gives a bonus for all trades on the SushiSwap platform.

Earlier it became known that SushiSwaptook advice from Fenwick & West and divided the business into three independent legal entities - the Panama Foundation, the Panama Corporation and the DAO Foundation.